Heated Demand For Refrigerated Property

A 517,887 sq. ft. cold storage facility in University Park, Calif. has sold for $63.3 million. The sale price represents a per sq. ft. sales price of $123 per sq. ft., according to investment sales brokerage Marcus & Millichap.

The buyer of the Class-A cold storage facility was BVSEF University Park Cold Storage LLC. The seller was University Park Cold Storage LLC.

“There were five offers on the property, and in the end, we were able to achieve a record-breaking price for a single-tenant net-leased asset of this size,” says John Abuja, senior associate in Marcus & Millichap’s downtown Chicago office. Located at 450 Central Ave., the high-tech cold-storage facility is fully occupied by Continental Refrigerated Services.